Declining fears over inflation lifted American consumers’ spirits this month. U.S. consumer sentiment reading rebounded in June following a decline in May, after concerns over the debt-ceiling crisis faded and investor were buoyed by a strong labor market and stock market gains due to artificial intelligence (AI). Consumers’ near-term inflation expectations dropped to more than…
US Consumer Sentiment Jumps to Four-Month High on Debt-Cap Deal
June 16, 2023
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Fed’s Barkin Says ‘Comfortable Doing More’ If Inflation Does Not Fall
WASHINGTON—Richmond Federal Reserve president Thomas Barkin said Friday he is comfortable with further interest rate increases if coming data does not show that weakening demand for goods and services is feeding through to slower inflation. “I am still looking to be convinced of the plausible story that slowing demand returns inflation relatively quickly” to the…
Intel to Invest $4.6 Billion in New Chip Plant in Poland
WROCLAW, Poland/STOCKHOLM—Intel plans to invest up to $4.6 billion in a new semiconductor assembly and test facility near Wrocław, Poland, as part of a multi-billion-dollar investment drive across Europe to build chip capacity, it said on Friday. The U.S. chipmaker last year announced plans to build a big chip complex in Germany along with facilities…
US Homes for Sale Fall Nearly 40 Percent Amid Tight Market Conditions
June 16, 2023
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The number of homes for sale has declined from pre-COVID-19 pandemic levels, with high mortgage rates discouraging prospective sellers from putting their properties on the market, said real estate brokerage Redfin. There are now 39 percent fewer homes for sale on the market compared to five years ago in June 2018, according to a June…
Wall Street Opens Higher as Rate Hike Worries Ebb
Wall Street’s main indexes opened higher on Friday as signs of easing price pressures and slowing economic growth raised hopes the Federal Reserve could end its monetary tightening campaign soon. The Dow Jones Industrial Average rose 55.96 points, or 0.16 percent, at the open to 34,464.02. The S&P 500 opened higher by 15.11 points, or…
American Citizens’ 401(k) Accounts Lost a Fifth of Their Value in 2022
June 16, 2023
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The balances of 401(k) retirement accounts have declined in 2022, with the share of participants who are making “hardship withdrawals” hitting a “new high,” according to a recent report by investment firm Vanguard. “In 2022, the average account balance for Vanguard participants was $112,572; the median balance was $27,376. Vanguard participants’ average account balances decreased…
BOJ, ECB Rate Decisions Send Yen to Fresh 15-year Low Against Euro
LONDON/SINGAPORE—The yen fell to a new 15-year low against the euro on Friday after the Bank of Japan (BOJ) kept ultra-low interest rates and forecast that inflation will slow later this year in contrast with the European Central Bank’s (ECB) rate hike on Thursday. As widely expected, the BOJ maintained its -0.1 percent short-term interest…
Oil Falls as Demand Concerns Offset Supply Cuts
LONDON—Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. The Bank of England is set to raise interest rates by a quarter of a percentage…
World Shares Reach 14-month Highs as Investors Shrug Off the Fed
June 16, 2023
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LONDON—Global shares rose to 14-month highs on Friday, as investors took the view that the Federal Reserve may not need to raise rates much more, while the dollar headed for its biggest weekly slide since January. The MSCI All-World index was up 0.2 percent, around its highest since mid-April 2022. This has been an intense…
China’s Economy Slows in May; Central Bank Cuts Interest Rate
June 16, 2023
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BEIJING—China’s economy stumbled in May with industrial output and retail sales growth missing forecasts. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come. “The…
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